ob体育 has accepted an enforceable undertaking (EU) from former Professional Investment Services Pty Ltd (PIS) representative, Seamus O鈥橞rien, after he failed to meet his obligations as a financial adviser.
Mr O鈥橞rien traded as Cambridge Financial Planning in South Yarra, Victoria.
The EU follows an ob体育 review of the advice provided by Mr O鈥橞rien.
ob体育 was concerned that Mr O鈥橞rien, failed to:
- demonstrate a reasonable basis for the advice provided
- adequately provide replacement product advice to clients
- comply with the record keeping obligations relating to personal advice, and
- comply with the Statement of Advice requirements.
Under the EU, Mr O鈥�Brien has agreed not to provide financial services in any capacity for a minimum of one year. Should he decide to re-enter the financial services industry after this exclusion period, he must adhere to strict supervision requirements for 12 months and have each piece of advice audited by his new licensee before it is provided to the clients.
Background
The review of advice provided by Mr O鈥橞rien was commenced after PIS lodged a breach notification with ob体育. PIS reported that Mr O鈥橞rien provided advice to clients about products that were not on PIS鈥� approved list of products, that he did not consider alternate products or strategies when providing advice to clients and that he demonstrated a poor level of record keeping and collection of client details.
PIS terminated the authorisation of Mr O鈥橞rien on 16 December 2013.